DDM Analysis: 013580.KS

Valuation Snapshot

Stable Growth	$345,080.04 - $1,277,620.63	$1,048,259.83
Multi-Stage	$184,448.38 - $202,222.34	$193,170.19
Blended Fair Value	$620,715.01
Current Price	$20,600.00
Upside	2,913.18%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-20.60%	41.41%	512.74	499.88	799.80	599.85	599.85	1,625.02	169.46	71.83	0.00	0.00
YoY Growth	-	-	2.57%	-37.50%	33.33%	0.00%	-63.09%	858.94%	135.91%	0.00%	0.00%	-100.00%
Dividend Yield	-	-	4.01%	3.51%	4.62%	1.48%	1.89%	12.40%	0.68%	0.39%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	57,265.48
(-) Cash Dividends Paid (M)	3,543.12
(=) Cash Retained (M)	53,722.36

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	11,453.10	7,158.19	4,294.91
Cash Retained (M)	53,722.36	53,722.36	53,722.36
(-) Cash Required (M)	-11,453.10	-7,158.19	-4,294.91
(=) Excess Retained (M)	42,269.27	46,564.18	49,427.45
(/) Shares Outstanding (M)	8.86	8.86	8.86
(=) Excess Retained per Share	4,770.80	5,255.55	5,578.72
LTM Dividend per Share	399.90	399.90	399.90
(+) Excess Retained per Share	4,770.80	5,255.55	5,578.72
(=) Adjusted Dividend	5,170.70	5,655.45	5,978.62
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	4.85%	5.85%	6.85%
Fair Value	$345,080.04	$1,048,259.83	$1,277,620.63
Upside / Downside	1,575.15%	4,988.64%	6,102.04%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	57,265.48	60,615.01	64,160.47	67,913.29	71,885.63	76,090.31	78,373.02
Payout Ratio	6.19%	22.95%	39.71%	56.47%	73.24%	90.00%	92.50%
Projected Dividends (M)	3,543.12	13,910.99	25,479.60	38,353.95	52,647.19	68,481.28	72,495.05

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	4.85%	5.85%	6.85%
Year 1 PV (M)	12,948.26	13,071.76	13,195.25
Year 2 PV (M)	22,074.94	22,498.03	22,925.14
Year 3 PV (M)	30,929.33	31,822.76	32,733.24
Year 4 PV (M)	39,517.47	41,046.77	42,620.04
Year 5 PV (M)	47,845.31	50,170.87	52,586.00
PV of Terminal Value (M)	1,480,897.34	1,552,877.73	1,627,630.24
Equity Value (M)	1,634,212.66	1,711,487.93	1,791,689.90
Shares Outstanding (M)	8.86	8.86	8.86
Fair Value	$184,448.38	$193,170.19	$202,222.34
Upside / Downside	795.38%	837.72%	881.66%

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Kyeryong Construction Industrial Co., Ltd. (013580.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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